KAPLAN AC499 UNIT 8 ASSIGNMENT

Unit 8	[AC499: Bachelor's Capstone in Accounting]

Unit 8 Assignment	KAPLAN) Nor UNIVERSITY

Instructions:

Each Problem (1, 2, 3, and 4) is worth 10 points (40 Points total).

Submit your answers to the Unit 8 Dropbox in a single properly formatted Excel Workbook file.

· Use a separate tabin the single Excel document for each problem.

· Do not put all 4 problems on the same tab.

· Be sure to rename each tab to indicate the question number.

Your answer to this Assignment should be submitted in a single Excel Workbook document.Question # 1:

Charles Giles worked 46 hours during this pay-week. He is paid time-and-a-half for hours over40 and his pay rate is $17.90/hour. What was his overtime premium pay for this workweek?

Use the following information to answer Questions 2, 3 & 4: The totals from the first payroll of the year are shown below.

Total Pay	=	$36,195.10
FICA/OASDI	=	$ 2,244.10
FICA/HI	=	$ 524.83
FIT W/H	=	$ 6,515.00
State Tax W/H	=	$ 361.95
Union Dues	=	$ 500.00
Net Pay	=	$26,049.22

Assume the following tax rates:

1. * FICA tax² OASDI on employees: 6.2%.

2. FICA tax² HI on employees: 1.45%.

3. FIT withheld from employees.

4. FICA tax² OASDI on employers: 6.2%.

5. FICA tax² HI on employers: 1.45%.

6. Net FUTA tax: 0.6%.

7. SUTA tax: 3.7%.

Note ± Correction to the Textbook - 7KH= 111-1C4FifialKelQH1 P SS 1-1-I11A/KDUI-lin /N?OASDI expired on December 31, 2012. So, the correct rate to apply is 6.2% for both the employee and the employer.

Unit 8	[AC499: Bachelor's Capstone in Accounting]

Question # 2:Journalize the entry to record the payroll.

Question # 3: - MCA HARtHEHCIAV L6 [EP SS 1-141/311 URCB11( FIVEEWXP HOZ 8 7$ ?

rate of 3.7%).

Question # 4:Journalize the entry to deposit the FICA and FIT taxes.

Your answer to this Assignment should be submitted in a single Excel Workbook document.

When you are ready, you may submit your paper to the Unit 8 Dropbox.Note: Include your name in the filename of the Assignment.

Unit 8 Assignment Grading Rubric:

Category/Description	Points Possible	Points Earned	Instructor AdditionalComments (If necessary)
Questions:
Correctly solve each problem. Worth
10 points each.
1- Compute overtime premium pay.	10
2- Journalize entry to recordpayroll.	10
	10
3- Journalize entry to record
I-P SS 1-141/13Dt1 'MP? RV
	10
4- Journalize the entry to depositthe FICA and FIT taxes
Critical Thinking & Analysis, APA	*		Points may be deducted
Format/Grammar/Spelling			for incorrect analysis,spelling, grammar, andformatting.
Late Penalty	*		Points may be deductedfor late submission.
Final Score	40